Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Measurements [Abstract]

Financial assets and liabilities measured on recurring basis

The following table presents the Company’s assets and liabilities measured at fair value in the consolidated balance sheet on a recurring basis as of December 31, 2016.

	Level 1		Level 2		Level 3		Total
Assets
Fixed Maturities, available for sale	$	9,035,810	$	175,120,657	$	3,083,251	$	187,239,718
Equity Securities, available for sale		19,360,394		6,553,410		25,793,299		51,707,103
Trading Securities		2,500		0		0		2,500
Total		28,398,704		181,674,067		28,876,550		238,949,321
Liabilities
Trading Securities	$	1,439	$	0	$	0	$	1,439

The following table presents the Company’s assets and liabilities measured at fair value in the consolidated balance sheet on a recurring basis as of December 31, 2015.

	Level 1		Level 2		Level 3		Total
Assets
Fixed Maturities, available for sale	$	10,459,758	$	173,632,645	$	1,026,694	$	185,119,097
Equity Securities, available for sale		13,312,331		5,567,061		26,805,948		45,685,340
Total	$	23,772,089	$	179,199,706	$	27,832,642	$	230,804,437
Liabilities
Trading Securities	$	28,609	$	0	$	0	$	28,609

Reconciliations for Level 3 assets measured at fair value on a recurring basis

The following table provides reconciliations for Level 3 assets measured at fair value on a recurring basis. Transfers into and out of Level 3 are recognized as of the end of the quarter in which they occur.

	Fixed Maturities, Available for Sale			Equity Securities, Available for Sale			Total
Balance at December 31, 2015	$	1,026,694		$	26,805,948		$	27,832,642
Transfers in to Level 3		164,039			0			164,039
Total unrealized gains:
Included in realized gains (losses)		60,392			-			60,392
Included in other comprehensive income		1,931,586			3,260,805			5,192,391
Purchases		0			1,232,946			1,232,946
Sales		(99,460	)		(5,506,400	)		(5,605,860	)
Balance at December 31, 2016	$	3,083,251		$	25,793,299		$	28,876,550

Carrying values and estimated fair values of financial instruments

The carrying values and estimated fair values of certain of the Company’s financial instruments not recorded at fair value in the Consolidated Balance Sheets are shown below. Because the fair value for all Consolidated Balance Sheet items are not required to be disclosed, the aggregate fair value amounts presented below are not reflective of the underlying value of the Company.

	December 31, 2016				December 31, 2015
Assets	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Mortgage loans on real estate	$	18,577,372	$	18,577,372	$	17,769,930	$	17,775,178
Investment real estate		57,138,980		57,138,980		47,650,102		47,650,102
Notes receivable		16,876,485		16,876,485		10,597,907		10,597,907
Policy loans		10,070,134		10,070,134		10,684,244		10,684,244
Cash and cash equivalents		15,156,548		15,156,548		11,822,615		11,822,615